Zero Point Low Rate Refinancing
Loan Program Guidelines Are Subject To Change!!
On Line Refinancing Pre-Qualification Form
Conforming Fannie Mae & Freddie Mac Programs to $359,650 , to 100% LTV, 95% LTV or 90% CLTV (see F.A.Q. for LTV definitions).
Out Refinances to 95% with superior credit, one loan with low rates.
Cash out up to 100% is available under a different program.
These loans generally require good credit and two months P.I.T.I. (principal, interest, taxes, and insurance) in reserves after closing.
Underwriting can be flexible with additional reserves and / or lower loan to value ratios. Previous bankruptcy is allowed under this program with some restrictions...
Be sure your Zero point quote is really a Zero Point quote...and not really adding the points in with the loan amount. A customer called us in November, she had received a No Point No Closing costs below market quote from another company (it ended up being a five year balloon loan) on a $65,000 loan. We reviewed the Good Faith Estimate. The closing costs were over $6,000!!! They were financing the points (5 on a no point quote) and other closing costs and considered that a no cost refinance!!!
We simply DO NOT do business that way...
Make sure you are receiving a TRUE Zero Point quote from the competition. Ask if there are discount points or other lender or broker fees.
If a rate quote sounds to low to be true, it isn't. A typical bait & switch is the "30 year fixed" quote way below market. At closing the borrower discovers that the "30 year fixed" has a 5 or 7 year balloon payment. See F. A. Q.'s for balloon payment definition.
to print the Application Checklist...
Call For Availability or Alternative Loan Programs
Guidelines Are Constantly Changing
If you are
outside of Maryland,
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check with the lenders licensed in your state.
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